LUKOIL HYDROCARBON PRODUCTION AVAILABLE FOR SALE INCREASES BY 13.1% y-o-y

Tuesday, October 31, 2006

LUKOIL Group (subsidiary companies and LUKOIL’s share in output by affiliated companies) total hydrocarbon production available for sale reached 2.14 mln boe per day in nine months of 2006, up 13.1% y-o-y.

Crude oil output of LUKOIL Group totaled 1.92 mln bpd* (up 6.6% y-o-y) or 71.134 mln tons. LUKOIL subsidiary companies produced 68.391 mln tons of crude, up 6.9% y-o-y. Oil production from international projects increased by 54.5% y-o-y as Nelson Resources Limited was acquired at the end of 2005.

Average flow rate per oil well reached 11.21 tons per day, up 1.5% y-o-y.

Natural and associated gas output of LUKOIL Group available for sale was 9.98 bcm, which is 2.5 times more than in nine months of 2005. Natural gas output available for sale was 7.23 bcm, which is almost 6 times as much as in nine months of 2005.

LUKOIL refined 39.61 mln tons of crude at the Company’s owned and third-party refineries, up 7% y-o-y. Throughputs at the Company’s owned refineries grew by 2.4% y-o-y up to 35.91 mln tons. The decrease of throughputs at the foreign refineries due to the Odessa refinery shutdown for a large-scale upgrade was almost fully offset by the growth of throughputs at the Burgas refinery.